What licensing steps and ongoing obligations are required for a fintech to operate a payment service bank in Nigeria?

Hello, Our Law Firm can help you navigate the Fintech registration and AML compliance requirements. We operate from Lagos Nigeria, New York and Houston Texas. Our Attorneys in Lagos can help file all regulatory compliance requirements and complete your compliance and registration process. Thank you. Lakinberg LLP.

First you would need to register with the Corporate Affairs Commission with a share capital of between 50M - 2B depending on the kind of Fintech Services your company wants to offer. Then you get the requisite License from the Central Bank of Nigeria; requirements and documents will largely depend on the kind of services your Fintech company wants to offer. Your company will then register with the necessary anti-money laundering parastatals of the government, etc. The process cannot all be exhausted on this platform; we advise you to visit our office for a consult to educate you on your legal options. Note the 50M -2B share capital is determined on the kind of Fintech services you want to provide. I hope this helps.